Blog post #9
Food prices have risen in the past year with some goods (such as potatoes) increasing by as much as a dollar (1). This increase can be attributed to such things as higher fuel prices, a decrease in supply (due to drought, floods, fires etc.), and an increase in demand (1). However, as the supply of these goods is expected to increase, prices are expected to decrease slightly.
As a student with little to no income, it is important to account for expenditures. A significant part of these expenses are groceries as they tend to take up a large chunk of monthly purchases. Soon, I will be living on my own and be required to cook for myself. In order to monitor my spending and ‘stay within my means’, it would be wise to budget my grocery money wisely. However thanks to this blog, I can better understand why food prices change. And if I follow and understand how commodity prices affect grocery prices then I may be better able to allocate my money.